A small business jobs index put out by Paychex every month shows that employment growth slowed nationwide in May.
Paychex CEO Marty Mucci says according to The Paychex/IHS Small Business Jobs Index, job growth moderated compared to April.
"I would say, the Small Business Index, this month in May showed a drop and it's pretty much like all other economic indicators we're seeing which is inconsistent, there's moderate growth, but it's inconsistent."
Mucci says one of the contributing factors may have been a decline in construction activity.
"Other than California, …still positive there, but generally across the country construction dropped off a little bit, so did other services, which is some of the discretionary services. Even though consumer confidence and small business optimism was up, we're seeing kind of a tampering down of the job growth."
Mucci says job growth continues to be strongest in the Central U.S. He says new business start-ups have seen some solid growth.
“The good thing is that business starts are almost back to pre-recession levels, so the new businesses starting up is a very good sign, but the growth rate, although still positive, is moderate, and it's a little bit inconsistent."
